HA Sustainable Infrastructure Capital, Inc. (HASI) 10-Year Financial Performance & Capital Metrics

HASI • • Banking & Credit

Financial ServicesDiversified FinancialSustainable Infrastructure FinanceClimate Solutions Infrastructure Investors

AboutHA Sustainable Infrastructure Capital, Inc. engages in investing in climate solutions and the provision of capital to assets developed by companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. It focuses on Behind the Meter, Grid-Connected, Fuels, Transport, and Nature climate solutions. The company was founded on November 7, 2012 and is headquartered in Annapolis, MD.Show more

Net Interest Income $47M -15.3%
Total Revenue $631M +37.0%
Net Income $200M +34.4%
Return on Equity 8.8% +12.5%
Net Interest Margin 0.67% -21.6%
Efficiency Ratio 18.26% -21.7%
ROA 2.93% +11.5%
Equity / Assets 33.97% +3.9%
Book Value per Share 18.43 -5.8%
Tangible BV/Share 18.43 -5.8%
Debt/Equity 1.83 -7.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 19.7%
✓Efficient operations: 18.3% efficiency ratio
✓Well capitalized: 34.0% equity/assets
✓Healthy dividend yield of 4.3%
✓Diversified revenue: 54.1% from non-interest income
✓Trading near 52-week high

✗Weaknesses

✗Weak NIM of 0.7%
✗Shares diluted 19.2% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y30.15%

5Y25.14%

3Y22.97%

TTM-

Profit (Net Income) CAGR

10Y35.47%

5Y19.65%

3Y16.48%

TTM40.37%

EPS CAGR

10Y14.18%

5Y5.49%

3Y2.37%

TTM30.9%

ROCE

10Y Avg2.45%

5Y Avg3.05%

3Y Avg2.86%

Latest4.15%

Peer Comparison

Climate Solutions Infrastructure Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HASIHA Sustainable Infrastructure Capital, Inc.	4.33B	34.36	21.21	37.03%	31.68%	11.48%	0.14%	1.83

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	12.51M	4.78M	-3.25M	-939K	11.96M	3.38M	-5.12M	37M	56.05M	47.48M
NII Growth %	0.22%	-0.62%	-1.68%	0.71%	13.74%	-0.72%	-2.52%	8.22%	0.51%	-0.15%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	38.9M	50.02M	62.23M	75.94M	76.2M	95.56M	116.58M	152.56M	227.05M	289.85M
Interest Expense	26.39M	45.24M	65.47M	76.87M	64.24M	92.18M	121.7M	115.56M	171.01M	242.36M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	0
Non-Interest Income+	19.68M	37.28M	66.05M	85.62M	129.56M	139.31M	223.01M	118.47M	233.79M	341.63M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	58.58M	87.31M	128.28M	161.56M	205.75M	234.87M	339.59M	271.03M	460.85M	631.47M
Revenue Growth %	0.29%	0.49%	0.47%	0.26%	0.27%	0.14%	0.45%	-0.2%	0.7%	0.37%
Non-Interest Expense	24.04M	27.17M	30.88M	40.74M	51.5M	62.71M	73.38M	106.18M	107.46M	115.28M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	8.15M	14.9M	31.92M	43.94M	90.02M	79.98M	144.5M	49.29M	182.38M	273.83M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.17%	0.83%	1.14%	0.38%	1.05%	-0.11%	0.81%	-0.66%	2.7%	0.5%
Pretax Income+	8.15M	14.9M	31.92M	43.94M	90.02M	79.98M	144.5M	49.29M	182.38M	273.83M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	118K	141K	885K	2.14M	8.1M	-2.78M	17.16M	7.38M	31.62M	70.2M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	7.96M	14.65M	30.86M	41.58M	81.56M	82.42M	126.58M	41.5M	148.84M	200.04M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.17%	0.84%	1.11%	0.35%	0.96%	0.01%	0.54%	-0.67%	2.59%	0.34%
Net Income (Continuing)	8.03M	14.76M	31.04M	41.8M	81.92M	82.76M	127.35M	41.91M	150.76M	203.63M
EPS (Diluted)+	0.21	0.32	0.57	0.75	1.24	1.10	1.51	0.45	1.42	1.62
EPS Growth %	-0.51%	0.52%	0.78%	0.32%	0.65%	-0.11%	0.37%	-0.7%	2.16%	0.14%
EPS (Basic)	0.21	0.32	0.57	0.75	1.25	1.13	1.57	0.47	1.45	1.72
Diluted Shares Outstanding	30.76M	40.29M	50.36M	52.78M	64.77M	74.37M	87.67M	90.61M	109.47M	130.5M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	42.65M	29.43M	57.27M	21.42M	6.21M	286.25M	226.2M	155.71M	62.63M	129.76M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	347.79M	421.36M	673.82M	640.84M	498.63M	1.28B	1.76B	1.87B	2.97B	3.61B
Investments Growth %	1.03%	0.21%	0.6%	-0.05%	-0.22%	1.57%	0.38%	0.06%	0.59%	0.22%
Long-Term Investments	347.79M	421.36M	673.82M	640.84M	498.63M	1.28B	1.76B	1.87B	2.97B	3.61B
Accounts Receivables	1000K	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	26.93M	27M	94M	96M	0	0	0	0	0	0
PP&E (Net)	128.7M	0	0	0	0	0	0	0	0	0
Other Assets	958.21M	1.3B	1.48B	1.42B	722.83M	679.26M	716.3M	659.47M	414.26M	366.7M
Total Current Assets	844.34M	1.07B	1.07B	1B	1.17B	1.5B	1.67B	2.23B	3.17B	3.1B
Total Non-Current Assets	1.47B	1.75B	2.25B	2.15B	1.22B	1.96B	2.48B	2.53B	3.38B	3.98B
Total Assets+	1.47B	1.75B	2.25B	2.15B	2.39B	3.46B	4.15B	4.76B	6.55B	7.08B
Asset Growth %	0.45%	0.19%	0.29%	-0.04%	0.11%	0.45%	0.2%	0.15%	0.38%	0.08%
Return on Assets (ROA)	0.01%	0.01%	0.02%	0.02%	0.04%	0.03%	0.03%	0.01%	0.03%	0.03%
Accounts Payable	17.88M	25.22M	25.64M	36.51M	54.35M	59.94M	88.87M	120.11M	163.31M	275.64M
Total Debt+	911.14M	975.44M	1.43B	1.24B	1.39B	2.19B	2.49B	2.98B	4.25B	4.4B
Net Debt	869.1M	946.01M	1.37B	1.22B	1.39B	1.9B	2.27B	2.82B	4.18B	4.27B
Long-Term Debt	911.74M	975.44M	1.43B	1.24B	1.39B	2.19B	2.49B	2.98B	4.25B	4.4B
Short-Term Debt	48M	0	66M	0	0	0	0	0	0	0
Other Liabilities	108.5M	170.89M	178.95M	110.61M	0	0	0	0	0	0
Total Current Liabilities	17.27M	25.22M	24.55M	34.51M	54.35M	59.94M	88.87M	120.11M	163.31M	275.64M
Total Non-Current Liabilities	1.02B	1.15B	1.61B	1.35B	1.39B	2.19B	2.49B	2.98B	4.25B	4.4B
Total Liabilities	1.04B	1.17B	1.61B	1.35B	1.45B	2.25B	2.58B	3.1B	4.41B	4.68B
Total Equity+	432.11M	574.34M	642.78M	804.52M	939.91M	1.21B	1.57B	1.66B	2.14B	2.41B
Equity Growth %	0.58%	0.33%	0.12%	0.25%	0.17%	0.29%	0.29%	0.06%	0.29%	0.12%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.02%	0.03%	0.05%	0.06%	0.09%	0.08%	0.09%	0.03%	0.08%	0.09%
Book Value per Share	14.05	14.25	12.76	15.24	14.51	16.27	17.87	18.37	19.56	18.43
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	370K	465K	517K	605K	663K	765K	853K	908K	1.12M	1.19M
Additional Paid-in Capital	482.43M	663.74M	770.98M	965.38M	1.1B	1.39B	1.73B	1.92B	2.38B	2.59B
Retained Earnings	-52.7M	-92.21M	-131.25M	-163.21M	-169.79M	-204.11M	-193.71M	-285.47M	-303.54M	-297.5M
Accumulated OCI	-1.91M	-1.39M	-1.06M	-1.68M	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	18.52M	56.85M	11.72M	58.79M	29.49M	73.28M	13.31M	230K	99.69M	5.85M
Operating CF Growth %	2.61%	2.07%	-0.79%	4.02%	-0.5%	1.49%	-0.82%	-0.98%	432.43%	-0.94%
Net Income	8.03M	14.76M	31.04M	41.8M	81.92M	82.76M	127.35M	41.91M	150.76M	203.63M
Depreciation & Amortization	3.95M	7.66M	3.55M	4.53M	3.59M	3.58M	3.8M	3.99M	3.13M	1M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-3.44M	-15.07M	-19.2M	-7.1M	-43.49M	3.2M	-106.26M	14.52M	-110.11M	-192.28M
Working Capital Changes	9.97M	49.52M	-3.67M	19.57M	-12.54M	-16.26M	-11.58M	-60.19M	55.92M	-6.5M
Cash from Investing+	-349.05M	-190.63M	-297.88M	50.8M	-201.14M	-831.65M	-703.4M	-592.11M	-1.99B	-131.19M
Purchase of Investments	-233.92M	-92.11M	-254.93M	-101.66M	-197.93M	-926.05M	-406.69M	-140.22M	-883.82M	-407.15M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-146.04M	-114.2M	-51.13M	111.36M	-230.37M	23.45M	-311.49M	-460.61M	-1.11B	261.1M
Cash from Financing+	339.6M	113.7M	345.2M	-168.42M	218.88M	962.12M	630.84M	516.78M	1.79B	200.41M
Dividends Paid	-31.59M	-49.48M	-68.23M	-70.99M	-86.41M	-99.87M	-113.51M	-132.2M	-159.79M	-192.27M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Stock Issued	180.49M	177.29M	96.9M	187.26M	138.38M	298.07M	200.64M	188.88M	492.38M	203.53M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	-100.09M	-78.6M	-150.18M	-88.59M	-37.72M	-32.46M	-45.88M	-24.79M	-18.2M	16.14M
Net Change in Cash+	9.07M	-20.07M	59.03M	-58.82M	47.23M	203.75M	-59.26M	-75.1M	-100.89M	75.08M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	70.14M	79.22M	59.14M	118.18M	59.35M	106.59M	310.33M	251.07M	175.97M	75.08M
Cash at End	79.22M	59.14M	118.18M	59.35M	106.59M	310.33M	251.07M	175.97M	75.08M	150.16M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	18.52M	56.85M	11.72M	58.79M	29.49M	73.28M	13.31M	230K	99.69M	5.85M
FCF Growth %	2.61%	2.07%	-0.79%	4.02%	-0.5%	1.49%	-0.82%	-0.98%	432.43%	-0.94%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.25%	2.91%	5.07%	5.75%	9.35%	7.67%	9.12%	2.57%	7.82%	8.8%
Return on Assets (ROA)	0.64%	0.91%	1.54%	1.89%	3.59%	2.82%	3.33%	0.93%	2.63%	2.93%
Net Interest Margin	0.85%	0.27%	-0.14%	-0.04%	0.5%	0.1%	-0.12%	0.78%	0.86%	0.67%
Efficiency Ratio	41.04%	31.12%	24.08%	25.22%	25.03%	26.7%	21.61%	39.18%	23.32%	18.26%
Equity / Assets	29.4%	32.9%	28.57%	37.33%	39.37%	34.98%	37.76%	34.97%	32.68%	33.97%
Book Value / Share	14.05	14.25	12.76	15.24	14.51	16.27	17.87	18.37	19.56	18.43
NII Growth	21.53%	-61.77%	-167.84%	71.06%	1373.59%	-71.76%	-251.73%	822.13%	51.46%	-15.28%
Dividend Payout	396.97%	337.71%	221.14%	170.74%	105.94%	121.17%	89.68%	318.53%	107.36%	96.12%

Frequently Asked Questions

Valuation & Price

HA Sustainable Infrastructure Capital, Inc. (HASI) has a price-to-earnings (P/E) ratio of 21.2x. This is roughly in line with market averages.

Growth & Financials

HA Sustainable Infrastructure Capital, Inc. (HASI) grew revenue by 37.0% over the past year. This is strong growth.

Yes, HA Sustainable Infrastructure Capital, Inc. (HASI) is profitable, generating $308.4M in net income for fiscal year 2024 (31.7% net margin).

Dividend & Returns

Yes, HA Sustainable Infrastructure Capital, Inc. (HASI) pays a dividend with a yield of 4.29%. This makes it attractive for income-focused investors.

HA Sustainable Infrastructure Capital, Inc. (HASI) has a return on equity (ROE) of 8.8%. This is below average, suggesting room for improvement.

Industry Metrics

HA Sustainable Infrastructure Capital, Inc. (HASI) has a net interest margin (NIM) of 0.7%. NIM has been under pressure due to interest rate environment.

HA Sustainable Infrastructure Capital, Inc. (HASI) has an efficiency ratio of 18.3%. This is excellent, indicating strong cost control.

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